Round-Up of 1999's
New York Real Estate Market
by Peter R. Marra, President of Willam B. May
By all accounts, 1999 was a banner year for New York real estate. On virtually all fronts, 1999 broke all previous records both in the market in general, and here at William B. May. Prices at every level have increased. Large apartments were in the biggest demand and were being bid up incredibly; townhouses sold in record quantities; new construction, especially of larger units hasn’t been able to keep up with demand; the popularity of one-bedrooms reached an all-time high; and studios also increased in price dramatically, in some cases doubling what they might have sold for just two years previously.
Why? The economy has been doing fabulously; Wall Street is full speed ahead; the dot coms are flush with investor dollars bursting with expectation; and consequently, New York is booming. And in this new economy, there doesn’t seem to be a lid – just when you think there’s a hiccup, Wall Street goes off the charts again.